Let's continue on our January-back-to-basics series, as we focus on the role of the executor. An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you pass away. (Please keep in mind: This is a person who only acts once you have passed. Naming a person as your executor does not Read More
Appointing an Executor? Here's What an Executor Cannot Do
The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and distributing assets to your beneficiaries. At the same time, there are rules about what the person in this role is not permitted to do. What Is an Executor? An executor is a person you choose to Read More
Does Power of Attorney End at Death?
A power of attorney is a powerful planning document that enables you (the principal) to give another person (the agent or attorney-in-fact) the power to act for you while you are alive. Because it is often prepared in the context of estate planning, many believe it gives their agents the power to continue acting after their death. Although every state’s laws and forms vary, most power of attorney forms Read More
Start 2023 Prepared: Reassess What Matters Most
If we have learned anything these past few years, it’s that life is fleeting. Amid such uncertain times, many of us have realized what – and who – truly means the most to us. Estate planning allows you to reflect on your family, your priorities, and what actions you can take now to secure your future and that of your loved ones. With proper estate planning, you can find the thoughtful support you Read More
Step-Up in Basis and Why It Matters in Estate Planning
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you. What Is the Step-Up In Basis? The step-up basis is a provision in federal tax law. It Read More
Free and Inexpensive Meal Delivery Options for Older Adults
Many older adults face difficulties accessing and preparing meals. Yet eating a nutritious diet is essential for maintaining health, particularly as we age. For those with barriers getting to the grocery store and preparing food, meal delivery services can help. Meal delivery can support individuals to remain in their homes and live independently. Local organizations distribute free or low-cost meals to older Read More
What You Should Know About Required Minimum Distributions
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72). There are some exceptions. In the case of an IRA or where a person is a 5 percent owner of the business that sponsored a retirement Read More
What Is the Difference Between Medicaid and Medicare?
Although Medicaid and Medicare are both public health insurance programs, they have essential differences. Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes. History of Medicaid and Medicare Congress amended the Social Security Act in 1965, creating health care programs for Read More
How Seniors Can Prevent Loneliness as They Age
If the years since the COVID-19 pandemic have taught us anything about isolation, it is loneliness makes life much harder. A recent study found that loneliness can not only decrease a person’s quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a separate study showed that levels of loneliness increased disproportionately among seniors 75 and older amid the Read More
Getting Medicare Food Benefits
As people age, accessing healthy meals can become more challenging. According to Feeding America, one in five older adults was food-insecure in 2020. Some older adults struggle with affording healthy foods, whereas others have difficulty going to the grocery store and preparing meals when recovering from an illness or injury. Although original Medicare does not offer food benefits, some Medicare Advantage plans Read More